Real Estate News

Iconic Lincoln Road parking garage and party palace has new owner

1111 Lincoln Road, the iconic building that includes the star-architect parking garage that opened in 2010, has been sold to new owners.
1111 Lincoln Road, the iconic building that includes the star-architect parking garage that opened in 2010, has been sold to new owners.

1111 Lincoln Road, the iconic parking garage and retail complex on the western end of Lincoln and Alton roads in Miami Beach, has a new owner.

Multiple sources have confirmed that the sale of the building closed on Wednesday. Miami Beach developer Robert S. Wennett bought the property in 2005 for $23,500,000.

The buyer and sales price were not revealed.

Current tenants received a letter on Thursday informing them of the new address to send their monthly rent checks.

The seven-story building, which incorporates a part of the former SunTrust Bank building built in 1969, contains 110,000 square feet of office space, 40,000 square feet of retail and several apartments, including a penthouse.

Tenants include Viacom International, JeffreyGroup public relations, a Taschen bookstore and Rosa Mexicano South Beach. The fancy open-air terrace eatery Juvia Restaurant sits atop the building, which is directly across from the Regal South Beach Cinemas 18.

The $65 million, 263-space parking garage, designed by the Swiss firm Herzog & de Meuron, opened in 2010 and received national attention for its striking design. The garage has hosted everything from weddings to wine tastings and yoga classes.

Rene Rodriguez: 305-376-3611, @ReneMiamiHerald

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